Global Infrastructure Partners (GIP) has teamed up with Public Sector Pension Investment Board (PSP Investments) and CIC Capital Corporation to buy Equis Energy, one of the largest renewable energy independent power producers in Asia.
The three companies have agreed to buy 100 per cent of the equity interests in Equis for $3.7 billion and will take over the company’s wind and solar energy portfolio in some of Asia’s fastest-growing renewables markets.
Headquartered in Singapore, Equis’ strategy is to invest in countries with favourable regulatory regimes and supportive power market dynamics. It has a portfolio of 1.9 GW of operational, construction and shovel-ready solar PV and onshore wind assets.
In addition, Equis Energy owns a promising long-term development pipeline comprised of over 115 projects representing 9.1 GW in markets such as Japan, Australia, Indonesia, the Philippines, India and Thailand.
Adebayo Ogunlesi, Chairman and Managing Partner of GIP said: “We are excited by the new investment in Equis Energy which is a strong fit with GIP’s global renewable investment strategy. Equis Energy is a unique success story in the APAC region as it has systematically executed its growth strategy since its founding five years ago.
“In that period, Equis Energy has become one of the leading renewable energy platforms in the region, with a best-in-class business model, a high-quality asset portfolio and an outstanding management team.”
GIP expects the transaction to close in early 2018 subject to regulatory approvals.